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Tue 30th Jul 2013 - Six Convivial London pubs hit the market for £16.9m
Six Convivial London pubs hit the market for £16.9m: Six high quality Convivial London Pub Company sites are to be sold through agent Christie + Co. The pubs for sale include five freeholds and one very long free-of-tie leasehold (994 years with nominal £1 per annum ground rent). Two have successful micro-breweries that are fully visible and operating within the public trading areas, offering a possible platform for regional brewers to showcase their expertise and range in the capital. Convivial is looking to offer the company for sale on a share, or individual asset basis – with offers in excess of £16.9 million sought for the entire share capital. The pubs available are: The Mitre Hotel, Greenwich SE10 – freehold – offers in excess of £6 million; The Lamb Brewery, Chiswick W4 – freehold – offers in excess of £2.8 million; The Clifton, St John’s Wood NW8 – freehold – offers in excess of £2.9 million; The Botanist Brewery, Richmond TW9 – freehold – offers in excess of £2.5 million; The Crown & Anchor, Chiswick W4 – freehold – offers in excess of £2 million; The Hansom Cab, Kensington W8 – long-leasehold – offers in excess of £700,000. All the pubs are well-established on the London circuit and have benefited from major capital investment in recent times. With the exception of The Clifton, all the pubs are Grade II Listed. Neil Morgan, director and head of Pubs at Christie + Co, said: “The sale of Convivial London Pubs represents a unique investment opportunity for a group or individual asset sale. All of the assets have significant potential for revenue maximisation, capitalising on their London positioning and the return of consumer confidence – where London, again, is leading the way. The pubs would ideally suit central London operators who can slot these non-branded assets into existing portfolios. Alternatively, regional pub companies seeking to take advantage of an ebullient London pub market, strong tourist pound and excellent year-round trading conditions, will potentially view these as trophy assets. Add to this the two micro-breweries – which as well as offering regional brewers a foothold in the capital, have the bonus of significant off-sales potential – and we have a rare opportunity indeed.” Recent Christie + Co research uncovered a 10% increase in average sale prices for pubs in London in the year to July 2013 (compared to the same period ended July 2012) – placing London at the head of the recovery, as far as the pub sector is concerned.
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